Sourcing And Procurement Management Solutions Market will reach at $ 34.23 billion by 2032,Size & Analysis By 2022 -2029 - Consulting, Capgemini Consulting, GEP, IBM Global Services, Ernst & Young Advisory, Bain & Company, Booz Allen Hamilton, Tata Consul

The global procurement as a service market size was valued at USD 6.21 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 11.4% from 2022 to 2032. procurement as a service market will reach at $ 34.23 billion by 2032. Procurement as a service encapsulates the gamut of procurement services delivered via 'as a service' model. As the world slowly recovers from the COVID-19 pandemic, there is a greater demand for digital, agile, collaborative, and plug-and-play services, to lessen supply hazards and eventually streamline capital and cash flows. The COVID-19-induced uncertain times are estimated to digitally transform procurement services, which will drive market growth over the forecast period.

The Sourcing And Procurement Management Solutions report is highly structured into a region-wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the market. The study helps understand how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR.

Download FREE Sample Report @ https://www.mraccuracyreports.com/report-sample/359448

The report provides a comprehensive analysis of company profiles listed below:

Consulting, Capgemini Consulting, GEP, IBM Global Services, Ernst & Young Advisory, Bain & Company, Booz Allen Hamilton, Tata Consultancy Services, Infosys Consulting, The Boston Consulting Group, Inc., CGI Group, Cognizant Technology Solutions

Sourcing And Procurement Management Solutions Market Types:

Supplier Management, Contract Management, Payment and Purchasing, Others.

Sourcing And Procurement Management Solutions Market Applications:

Automotive, Electronic Products, Consumer Goods, Industrial Goods, Oil & Gas, Mining & Metals, Energy, Others

Organization Insights
On the basis of organizations, the global market has been further categorized into large enterprises and Small- & Medium-scale Enterprises (SMEs). The large enterprises segment accounted for the largest market share of more than 75.00% in 2021. Large enterprises with a plan to manage complex procurement contracts and bag deals will continue to invest in these services, subsequently remaining the largest segment. Furthermore, minimizing operational costs while eliminating business complexities makes these services a popular choice among large enterprises.

The Small & Medium Enterprises (SMEs) segment is expected to register a significant growth rate over the forecast period. Small- & medium-scale enterprises are observed shifting their focus from overall operations management to specific business process management to make quick decisions. As a result, growth in demand for procurement as a service model by the SME sector is observed across the global market. Moreover, the increasing need to improve the internal procurement process in an organization for streamlining and standardizing the entire procurement operation is also poised to propel the segment growth over the forecast period.

Vertical Insights
On the basis of verticals, the global market has been divided into BFSI, manufacturing, retail, it & telecom, healthcare, and others. The manufacturing vertical segment dominated the global market in 2021 and accounted for the largest share of more than 24.5% of the global revenue. Managing supply chains with shorter lead times contributed largely to the growth of this segment. Manufacturing will continue to be the highest demand driver for the market till 2030. The services in the manufacturing sector are focused on improving supply chain dynamics concerning direct inputs and raw materials.

Buy instant Exclusive Report@: https://www.mraccuracyreports.com/checkout/359448

Opportunities
Mobile Procurement Software Applications

Mobile procurement software applications are expected to be opportune for players in the global procurement software market. This can be attributed to encouraging policies by governments supporting digitization due to transparency in accounts and integration of artificial intelligence. International transactions and synergy among suppliers and procurement vendors can drive the trend in the forthcoming years. E-procurement can streamline steps of sourcing to payment and create value for enterprises. The platform can bring in transparency to suppliers and improve efficiency by maintaining relationships with partners. Procurement of sanitizers, hand masks, and other protective clothing for curbing the spread of the disease and reopen production units are likely to witness a surge during the pandemic.

Restraints
Lack of Skilled Professionals

Lack of skilled professionals who specialize in operating software and maintaining positive relationships between enterprises and their suppliers can restrain the global procurement software market growth. Hiring of the right people by procurement managers for their industry and acceleration of digital initiatives can bode well for the market.

Segment Analysis
By Deployment
On-premise Segment Currently Dominates Global Market

The on-premise segment is expected to retain its lead in the market till the end of the forecast period owing to preference of on-premise installation of the software by organizations. Organizations can train their personnel in utilization of the software for purchase and pricing of goods for acquiring large quantities at nominal rates.

By Software Type
Spend Analysis to Induce Massive Demand

The spend analysis software is expected to attract massive demand and display 10.6% CAGR over the forecast period. The ability to pinpoint purchase patterns and opportunities for cost savings can drive the segment growth. Compliance with latest laws and organization of spending data allows companies to make informed decisions. Moreover, the categorization of maintenance, repair, and operations (MRO) spending according to small and medium suppliers can improve the quality of data.

By Organization Size
SMEs to Lead in Global Market

SMEs are expected to lead in the global procurement software market and exhibit 10.3% CAGR over the forecast period. Rise of cloud deployments and efforts for increasing market share can drive the demand for the software by the segment. Moreover, simplification of contracts, new sources of supply, reduced invoice errors, and improved working capital are advantages attracting SMEs towards the software.

By Vertical
Retail to Lead in Market Revenues

The retail segment is expected to dominate the market revenues owing to demand for centralized procurement processes and efficient management of the inventory. Integration of business processes and transparency in supply chains can drive the segment growth. The use of the software for automating tasks and procuring best rates from the vendor can bolster the market demand in the segment.

Regional Analysis
APAC to Register Fastest Growth Rate

APAC is expected to display a 10% CAGR over the forecast period due to large number of logistic firms based in China and India. Setup of manufacturing units and investments in the procurement software market by global players can be attributed to the growth trajectory. The increasing purchasing power of customers in the region can bode well for the market in the coming years. Mid-sized companies in the region can control the spending and benefit from real-time visibility in the procurement process.

Competitive Landscape
Global Procurement Software Market is less dense owing to technological integration being at a nascent stage in the supply chain. Partnerships, mergers, and product innovation are prime strategies deployed by players to gain the competitive edge. Development of online portals for improving productivity and being in touch with esteemed clients can play a pivotal role in maintaining relationships.

Key Companies Covered in the Report
Coupa Software Incorporated (U.S.), Epicor Software Corporation (U.S.), JDA Software Inc. (U.S.), Zycus Inc. (U.S.), SAP SE (Germany), Mercateo AG (Germany), Oracle Corporation (U.S.), Infor Inc. (U.S.), and IBM Corporation (U.S.) are prominent players of the global procurement software market.

Recent Developments

PTT Exploration and Production Public Company Limited (PTTEP) has signed an agreement with GEP, a procurement software vendor, for digitizing its sourcing process in January 2021. The Source-to-Pay (S2P) process provides a range of functions such as project management, spend, catalog management, sourcing, and contacting. The cloud platform can eliminate infrastructure costs and achieve maximum returns for the company.
QAD Inc. has acquired Allocation Network GmbH, a Germany strategic sourcing and supplier management provider, for increasing its product offerings and assist procurement companies in their growth strategies.

Get Up to 22% Discount on the first purchase of this report @ https://www.mraccuracyreports.com/check-discount/359448

#Customization Service of the Report:

Mr Accuracy Reports provides customization of reports as per your need. This report can be personalized to meet your requirements. Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.

Call Us - UK +44 7452119323
USA +1 8045001224
Email us - sales@mraccuracyreports.com
30 Crawley Lane, West Sussex, RH10 7EG, United Kingdom
3351 Green Turtle Rd, Regina, SK S4V 3N6, Canada

MR Accuracy Reports is a Market Research and consulting company that accomplishes requirement of research agencies,small, medium and large corporations, global business leaders, government organizations,
SME's, Individual & Start-ups, top management consulting firms.

This release was published on openPR.